Brits predict demise of independent retailers on high streets

By KBBDaily on 22nd February 2019 - 10:30am

A new survey by KIS Finance has revealed that 61% of Brits are “worried the high street will disappear in the next 10 years” with independent retailers named as the current high street fixture that consumers believe are least likely to exist in 10 years’ time.

The survey – which questioned 1,000 Brits – found that consumers would be more likely to shop in-store if local high streets had free parking and easy accessibility. More than 40% also said that “more staff to ensure the experience was quicker” would tempt them to the high street.

“It is quite likely that there will be a continuation, if not a proliferation of the negative headlines in retail,” said EG retail analyst James Child. “The raft of CVAs and administrations in the sector has culminated in an expected 1,600 store closures across the UK, with over 18 million square foot of prime retail real estate vacated.

“When we break down the events of 2018 there are some trends which we could well see exacerbated into 2019 – due to fragile trading conditions and economic uncertainty,” Child added. “There are certain sub-sectors that will face more pressure others.”

KIS Finance managing director Holly Andrews said: “With store closures flooding our news feeds recently, we were interested to find out what the future holds for the high street and how consumers’ shopping habits might affect retailers’ footfall. It is obvious from our research that people do still like going into store to shop, but it just isn’t as accessible as online shopping is.

“To save the high street many retailers need to ensure that they are thinking innovatively about how to draw customers in with clearer in-store stock checks, more staff and extended hours during busy periods.”

Andrews added: “The reason why so many retailers are struggling with their stores is because consumer shopping habits are changing and the high street needs to change with it, creating a more community-led atmosphere with more accessibility and variety for everyone.”